Industrial marketers track a variety of metrics in order to measure the success of their marketing programs and calculate marketing ROI.
According to the “2019 Trends in Industrial Marketing survey,” 57 percent of marketers use leads to measure the success of their marketing initiatives. Forty-eight percent use customer acquisition; 48 percent use sales attributed to marketing programs.
All three of these measurements can be summed up in a single statement: marketing’s mission is to implement programs that generate leads who become customers. It sounds simple.
But in the digital age, marketers have a trove of data and a myriad of metrics they can analyze and track to determine if they are fulfilling their mission. There are many ways to determine the results and value of each campaign, as well as the overall marketing program.
The task of measuring can seem overwhelming. What do you really need to track? Here are four areas that deserve your attention and that can help you make marketing decisions.
Your company’s website is your face to the market and your most important marketing asset. Sixty-two percent of industrial marketers currently measure website traffic. Website measurement offers plenty of insight for marketers:
- Steady growth in website traffic indicates a strengthening brand and the ability to drive traffic through marketing programs. Any decline in traffic is reason to be concerned.
- Popularity of pages and time spent on page provide insight into what content your audience is looking for and what is engaging them.
- Internal click paths and page drop offs reveal how your audience journeys through your site and where they leave. You can get a sense of how your audience thinks and discovers, which can help you make improvements to your content hierarchy.
Email campaigns are the most common type of marketing program in the industrial sector. Email offers a few important measurements:
- You can measure your list quality by tracking deliverability, bounces, and spam reports. Deliverability should be increasing over time, while bounces and spam reports should shrink. If that’s not the case, it may be time to clean your list.
- Measure engagement with your message and content by tracking the open rate, click-through rate, and forwards.
- On your landing page, measure conversions (such as downloads/forms completed).
Account for All Touches
Most engineers and technical professionals engage in a methodical buying process. They typically have multiple contacts with a company over a period of time, with each touch-point helping the buyer move closer to making a buying decision.
That’s why it’s seldom accurate to attribute a customer sale to single marketing program, whether it’s the first touch a prospect has with your company (such as downloading a white paper) or the last touch (such as attending a webinar).
What’s important is to track every touch a prospect has with your company on their way to becoming a customer. Each touch is a contributor to the eventual sale. You can give each touch equal weight, or you can come up with your own system that assigns different levels of importance to each touch.
Marketing automation software makes this complex, but important, task a lot easier. If you’re not already using marketing automation, there are a number of low-cost solutions available for any sized marketing budget.
Measure Branding and Visibility
When deciding what to measure, many marketers focus on leads, which are obviously important. But before you land any leads, branding and visibility must smooth out the runway.
The vast majority of people want to do business with companies they have heard about and can trust. This is where campaigns such as display ads, tradeshows and directory listings come into play. Measuring views and visits can tell you how visible and noticed your brand is.
If leads are falling off, you might want to work on building awareness. Some campaigns, such as advertising in industrial e-newsletters, offer the benefit of raising visibility by connecting with an audience you might otherwise find hard to reach, and also lead generation benefits if you make an offer in your ad.
Do you want to know what other industrial marketers are doing to measure ROI? Access the latest Marketing Maven research for the answer.